Most researchers consider CO₂ emissions to be the primary indicator of environmental degradation. Similarly, ecological footprint appears to be a significant proxy for environmental degradation in recent research due to its multifaceted impact on the natural environment. With this in mind, this study investigates fluctuations in CO₂ emissions and ecological footprint as indicators of environmental degradation in Bangladesh from 1980 to 2020, and how they are influenced by net savings, natural resource depletion, technological innovation, and democracy. The non-linear ARDL (NARDL)-based asymmetric analysis finds that positive changes in net savings, natural resource depletion, and democracy positively impact both parameters of environmental degradation in the long run. On the other hand, a positive change in technological innovation reduces these parameters in the long run. Likewise, negative changes in net savings and technological innovation reduce environmental degradation. In contrast, negative changes in natural resource depletion and democracy exacerbate these two parameters and degrade environmental quality in the long run. However, there are some variations in the short-run influence of the predictors on the predicted variable. Overall, the findings of this study suggest that policymakers must strategically exploit natural resources, net savings, technology diffusion, and democratic principles to preserve the natural environment in Bangladesh.